Talk about mixed feelings. Anyone who banks with First Republic is surely feeling relieved today, now that JPMorgan Chase has essentially taken over the bank in a rescue deal brokered by the federal government. After weeks of worrisome headlines and a steadily falling stock price, this is a good outcome for customers—even if it’s a disaster for shareholders.
Still, we’ll miss (yes, I’m a customer) the free cookies and umbrellas First Republic handed out, not to mention the outstanding personal service. It’s a good bet JPMorgan Chase branches don’t have drawers full of swag for customers or a willingness to assign dedicated staffers to them, as First Republic did. Then again, we always knew First Republic’s largesse was too good to last.
